PFPC Trust Co., a unit of PNC Financial Services Group Inc., says it plans to make custody and securities lending the focus of its overall business strategy. The company has promoted Sam Sparhawk IV to head its custody and securities lending businesses.
Sparhawk has worked for PNC since 1985. Most recently, he was a senior vice president, managing director, of PFPC Trust and a senior manager of PFPC's custody services group.
He said he sees many growth opportunities for the company. "This is an exciting time for the securities processing industry," he said. "For PFPC in particular, we are excited to leverage off the foundation we have built."
During the past quarter, PFPC Trust has increased its assets under custody by 5.1%, to $347 billion. In December, it announced it would provide custody services for FleetBoston Financial Corp.'s Galaxy Money Market Funds, which had $19 billion of assets under custody.
Sparhawk said PFPC is preparing to announce several other deals in the next couple of months.
"We fully intend to grow the custody business," he said. "Our strategy is to grow the business through new-client wins and by leveraging opportunities with our other products."
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